Property for sale in Beijing

Affected by the mood of the slowing economy and lower incomes, housing prices have shown a fall, though Beijing's real estate market has not yet hit the bottom,

Beijing home prices, both for newly-constructed units and second-hand ones, declined in the third quarter. According to the National Development and Reform Commission, Beijing's housing sales price index dropped 0.2 percent month-on-month in October. The index declined 0.1 percent month on month for newly-constructed housing, and was down 0.4 percent for second-hand housing.

Impacted by declining prices of newly-constructed housing, the second-hand housing market turned into a buyer's market as prices fell.

Monthly property for sale rents for apartments with bedrooms of one, two and three declined 1.2 percent, 2 percent and 3.5 percent respectively to 1,917 yuan ($280), 2,320 yuan and 2,922 yuan.

The sluggish demand resulted in property owners' having lower expectations for property for sale rent.

Certain areas in Beijing suffered an even sharper drop in the property for sale rental market.

Though housing sales fell to a comparatively low level, Beijing housing prices are still on the high side and will maintain a downtrend in the short term.